Now with the decrease in state benefits to the locals, will lead to further demands from the locals for jobs in pvt sector - a la Bahrain since 90s - here then you have a drop in productivity of the pvt enterprise as they have to make do with less skilled and motivated workforce.
Big difference between the two. There was massive unemployment in Bahrain amongst the Shia in the 90's with very few benefits. The 94-95 riots were due to the Sunni getting preferential treatment and government jobs. In addition Bahrain has a substantial population.
Dubai has a relatively small native population and I would hazard to guess almost no native unemployment as there are more than enough public sector jobs to keep all of them employed.
All of the above will lead to a rethink, on the part of many corporates housed there to look at alternatives like DOHA or MUSCAT. Leading to further drop in premium traffic travelling in and out of DXB. Construction was the largest employer, with it coming to a standstill, all the indentured labout from the sub-cont stops leading to drop in high yield traffic.
There are no alternatives tr Dubai. The only potential alternatives would be Abu Dhabi or Bahrain, but neither one of them has the current infrastructure to support them nor would the have the intentions to start another building bubble to support them.